History and Purpose
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In the early 1930’s, home office employees of Woodmen of the World Life Insurance Society informally pooled their resources to help their fellow employees with their financial needs. This “cooperative” effort spread under the leadership of Morris Sheppard, then Treasurer for Woodmen of the World Life Insurance Society and a United States Senator from Texas.
On October 16, 1934, the Morris Sheppard Woodmen of the World Federal Credit Union became the 16th federally chartered credit union in the United States. In 1990, the charter was amended to include all Woodmen Tower and World Building employees and their relatives as eligible members and the name was changed to Woodmen Federal Credit Union, as it is known today.
Woodmen Federal Credit Union continues to uphold the principles with which it was founded, members helping members. The Credit Union encourages thrift by the members through various savings options, low interest rate loans, and other financial services allowed by our charter.
We are a non-profit cooperative organization, owned by and for our members.
“NOT FOR PROFIT, NOT FOR CHARITY, BUT FOR SERVICE”
Did you know the Federal Credit Union Act, the law that allows the establishment of all federal credit unions, has direct connections to Woodmen of the World Life Insurance Society?
The original bill was written by Morris Sheppard, a United States Senator from Texas and the Treasurer for Woodmen of the World Life Insurance Society. Senator Sheppard not only wrote the bill, but he also championed it to unanimous consent in the United States Senate. Upon the signing of the Federal Credit Union Act into law by President Franklin Roosevelt in 1934, Senator Sheppard immediately chartered two federal credit unions. The very first federal charter was issued to the Morris Sheppard Texarkana Federal Credit Union in Senator Sheppard’s home town and charter #16 was issued to the Morris Sheppard W. O. W. Federal Credit Union.
In 1990, the charter was amended to include all Woodmen Tower employees and their relatives and the name was changed to Woodmen Federal Credit Union as it is known today. Woodmen Federal Credit Union is proud of our history with Woodmen of the World Life Insurance Society and appreciates their sponsorship. Please visit WoodmenLife here or by clicking on the link or logo above.
Pictured at right is the former Woodmen of the World building (1323 Farnam St), built in 1912. The building was the headquarters of Woodmen of the World from 1912 until 1934. The building was demolished in 1977. Hover over the image of the original Woodmen of the World building (pictured) to see the Woodmen Tower now. The Woodmen Tower was completed in 1969, rises 30 stories over Omaha at 1700 Farnam Street.
Woodmen Federal Credit Union will provide our members with professional, well-trained employees, a wide range of financial services, timely and convenient services, a fair return of savings, reasonably priced loans, a solid capital base, full information about the affairs of the Credit Union, and a Board of Directors committed to the members’ best interests.